The most recent price crash has had an effect on all crypto but the dog coins seem to have taken a bigger beating than the others. With sell-off becoming more prominent are we really surprised that meme coins are the first ones to go? Nobody that has followed the standard advice of investing for the long run, would be surprised. Of course, it's not like only they fell but it's quite easy to see the difference in public opinion and which people are more scared of, meme coins not recovering or anything else?
In just the last month, trading volumes of the crypto market fell over 40%, so significantly lower than last month.
So why meme coins specifically? As mentioned before it has to do with short term earnings, people waiting for it to fall, buying it, getting profits and than bailing out. And as this constantly happens, with how much these coins fluctuate, less and less people continue to do this as they get less profits and they are at a larger risk than before. They are at the risk of getting left behind and losing what they already earned. The ones holding for long have it worst but those people just don't get it if they are holding...
Now, it can be said that the bear is coming or that the bear is here but honestly speaking, for meme coins, the bear has been here since May. When the dog coins got to their ATH, immediately after, they just started plummeting, up until now both coins have been on a heavy downward spiral with only a few recoveries that lasted only a short while. Despite both being at a better position than they were at the start of the year, if someone hasn't yet, don't get into them now, this is the worst time to do so. People might see the dip and think of buying opportunities and sure you may get a short term profit but once again... this is gambling not investment.
It is of course still your money, do what you want but I for one am not going anywhere near these two for the foreseeable future.
Thanks for reading, hope you enjoyed it!
